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Stock Market & Financial Investment News

News Breaks
May 22, 2014
10:06 EDTEVBSEastern Virginia Bankshares to repay up to $15M in TARP funding
Eastern Virginia Bankshares announced that it intends to repay up to $15M of its Series A Preferred Stock issued under the Troubled Asset Relief Program Capital Purchase Program. In connection with this repayment, the company will also pay $4.1M of previously accumulated but unpaid dividends to holders of the Series A Preferred Stock, and pay $1.1M of previously accrued but deferred interest on its trust preferred securities. CEO Joe Shearin commented, "We are extremely pleased to be able to announce this plan to repay a substantial portion of our $24M of Series A Preferred Stock. This repayment will eliminate a high cost source of capital and improve our financial results for our common shareholders...We continue to evaluate and implement strategies to strengthen our financial condition and increase profitability going forward, including the eventual repayment of our remaining Series A Preferred Stock, while identifying strategic opportunities to grow our balance sheet." The company currently anticipates completing the partial TARP repayment late during the second quarter of 2014.
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July 25, 2014
09:23 EDTEVBSEastern Virginia Bankshares reports Q2 EPS 6c, consensus 8c
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